Swiss Private Bank Pictet Enters into DPA for Tax Crimes Conspiracy

On December 4, 2023, Swiss private bank Banque Pictet et Cie SA (hereafter “Pictet”)entered into a deferred prosecution agreement (DPA) in the U.S. Court for the Southern District of New York for conspiring with U.S. taxpayers and others to conceal more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere and to hide the income generated in those accounts from the IRS.[1]